Malik estimates that it will bring the company's valuation to about $80 million and that the round is led by a new investor rather than existing investor Union Square Ventures (though the latter is participating). CNET News.com originally reported late in April that Twitter had signed a term sheet for either $15 or $20 million.

Rumorspeg the new lead investor as Boston-based Spark Capital. An independent source hinted to CNET News.com that this is likely indeed the case.

About the author

Caroline McCarthy, a CNET News staff writer, is a downtown Manhattanite happily addicted to social-media tools and restaurant blogs. Her pre-CNET resume includes interning at an IT security firm and brewing cappuccinos.
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